BANK EXCHANGE.

Taranaki Herald, Volume LXII, Issue 144484, 19 September 1914, Page 2

BANK EXCHANGE.

A BIG INCREASE. PROTEST BY HARBOUR BOARD. At the monthly moating of the New Plymouth Harbour Board on Friday an emphatic protest was entered against the increased rate of exchange charged by the bank for remitting money to London. The Chairman raised the question, remarking that the merchants and traders of Now Zealand had been urged to import and export as much as they possibly could from and to the Old Country so as to find employment for the people, but the banks were not setting a very good example in this.connection. Whereas six months .ago the board was paying J per cent., the, exchange had now been increased to S per cent. It seemed to him, to be a very unfair position for the banks to take up, and appeared as though they were taking advantage of the present trouble to put money in their own pockets. Mr. Hughes suggested that the matter be brought before the .Premier._ Mr. Maxwell said there might bo justification for a slight increase in the rate of exchange, but ho contended that there was absolutely no justification for a rise of 600 per cent., which he characterised as extortionate. Mr. Hughes moved that tho attention of the Premier bo called to tlio action of tho Bank of New Zealand-in increasing the rate of exchange from J-' per cent, to J per cent.,'thus embarrassing the finances of the hoard. The motion was seconded. Mr. Bellringer expressed the opinion that if all institutions in the country adopted the same tactics it would mean absolute ruin. The motion was carried.